2018 April 27 12:18
The loading volumes of oil products of KN (Klaipėdos nafta AB), operator of oil and liquefied natural gas (LNG) terminal, increased by 31 per cent in the first three months of this year. The company stays reserved about the positive trends of the first quarter: strong uncertainty remains on the oil refining market, while severe competition with other Baltic and Ukrainian terminals is still a great challenge.
According to unaudited financial statements, during the first quarter the KN earned total incomes of EUR 27.8 million and net profit of EUR 6.75 million. For comparison, during the first quarter of 2017, the incomes of EUR 27.3 million and net profit of EUR 4.8 million were received, respectively.
Good financial results were determined by the growing turnover of oil products loading in the first quarter.
Load growth was affected by recovered flow of oil products from Belarus oil refineries, which significantly dropped down in early 2017. Bigger freight turnover through the tank vehicle ground of Klaipėdos nafta terminal, which this year was operating at its full capacity after the modernisation completed last year. During the 1st quarter, the growth of 47 per cent was recorded in the tank vehicle filling ground operated by KN, where petrol and diesel are loaded into heavy ground vehicles.
During the first quarter of this year, 2 million oil products were reloaded to the tanks at Klaipėdos nafta terminal and Subačius fuel base, where state fuel reserves are kept, while during the same period last year, 1.55 million tons were reloaded.
In the first quarter, the Company received the earnings of EUR 11 million from oil products loading, while the earnings in the first quarter last year amounted to EUR 8.8 million.
'Assessing in general, the quarter was well performing. But when assessing the achieved results it is important to note that the load growth was affected by certain one-off factors. For example, freight flow from our main client – Orlen Lietuva AB – was bigger than planned, as the planned renovation of the plant was postponed till April', said Mindaugas Jusius, CEO of KN.
According to Mr. Jusius, despite evidently growing load results in the first quarter, we cannot relax: 'Tension and competition remain on the market, the situation can become unfavourable at any moment, therefore we cannot rest on our laurels. We are consistently working with our strategic partners, reviewing our operating processes and searching for means to improve flexibility of our operated oil terminal with even greater persistence.'
The LNG terminal accepted 1 gas carrier during the first three months of this year, one small-volume LNG reload operation was carried out. In total, during the first quarter of this year 1.099 million MWh gas was degasified and reloaded, when during the same period last year, the quantity was 1.541 million MWh. Operating volumes of the LNG terminal were smaller due to smaller capacities ordered by the terminal users.
Preliminary, during the first quarter, the LNG terminal received the earnings of EUR 16.6 million, while the earnings in the first quarter last year amounted to EUR 18.5 million. Earnings of the LNG terminal consist of one twelfth of the fixed part of the LNG repeated gasification price for yearly consumption capacities, which is approved by the National Commission for Energy Control and Prices for 2018, and variable part of the repeated gasification price for degasified gas quantity.